Novo Nordisk is raising the stakes in its push to outbid rival Pfizer and acquire the development-stage drugmaker Metsera.

Novo is offering to pay as much as $10 billion, Metsera said Tuesday. That’s higher than its previous bid of up to $9 billion which sparked a lawsuit from Pfizer.

Pfizer also has altered the offer it made in September of nearly $4.9 billion to provide more cash up front, Metsera said.

Novo is proposing to pay $62.20 in cash for each Metsera share, up from its previous bid of $56.50. The Danish drugmaker also will tack on a contingent value right payment of $24, another improvement from its previous bid, if certain development and regulatory milestones are met.

But Novo is essentially structuring the deal to require some payback from Metsera.

Novo is proposing a tw

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